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Final 2012

QuestionAnswer
Transaction Cost Cost of making an economic exchange. Cost of participating in market
Cost of Uncertainty Chance or speculation that price of asset will change
Bounded Rationality Rationality is limited by information, intelligence, and time
Incomplete Contracts When you don't fully comply with contact, exceptions are made
Classical Management Careful selection and training of workers
Scientific Management Taylor. Select workers to fit the job
Bureaucracy Weber. What you know not who you know
Administration of the Firm Foyal. Planning, Organizing, Command, Control, Unity of Command (nobody has more than 1 boss)
Anthony's Management Hierarchy Stategic Planning>Management Control>Operational Control>Organizational Members
Behavioral Management Easier to change organization than people. Fit job to person
Theory X and Y X: people do not want to work and need to be led Y: people want to work and are creative
Maslow theory of human needs
Management Science Approach Apply quantitative tools and mathematics to management issues. Rely on Technology. learning organization, contingency thinking, systems approach, total quality management
Value Proposition what the customer gets in exchange for what the customer gives up. and the relations between organizational strategy and operations
Buy Side predictable professional. acquire resources
Sell Side chaotic, incomplete and uncertain info. when we sell to customers
Macro vs. Micro Problems macro: important, micro: urgent
Value Beliefs and Behaviors belief NOT equal value. belief: thought that has some factual base value: beliefs you want to be true behavior: driven by values
MECE Mutually Exclusive Collectively Exhaustive
Incremental Change Small Adjustments made towards End Goal
Driving Forces for Transformational Change Globalization, Rapid change in technology, change in consumer demand, Change in supply of raw material, shifts in info, competition
Targets for Transformational Change Tasks, People, Culture, Structure, Tech
Types of Conflicts Substantive: Outcomes Emotional/Relationship: way people work together Dysfunctional: hurts task performance
Why change Occurs Unhappy with present situation External Pressure for change Momentum to change
Threats to change Degree of change, Time Frame, Job security, threat to power, disturb social networks, disturb routine
Types of Power Coercive: power to punish Legitimate: given power by authority Expert: from exclusive special skill or knowledge Referent: from admiration or respect
Decision Making The process by which managers respond to opportunities and threats by analyzing options and making determinations about specific organizational goals and courses of action.
Structured/Programmed decisions pre planned
Unstructured/unprogrammed not pre planned
Line Functions decision making areas of an organization associated with its daily operations
Staff Functions advisory and support function provided to line emlpoyees
4 Ps Product, Price, Placement, Promotion
BCG Growth/Share Matrix Star, Cash Cow, Dog, ?, Market Share, Market Growth
Porter's Five Forces industry competitors, potential entrants, substitutes, suppliers, buyers
Balanced scorecard vision strategy, Financial, IBP, learning and growth, customers, incentive.target.measure.objective
Value Chain Primary Activities, Support Activities
Primary Activities Inbound/outbound logistics, Operations, Marketing and sales, Service
Support activities HRM, technology, procurement, Firm Infrastructure
StakeHolders person, group, member who can affect or is affected by organization and has interest in work by varying degree and authority
Reach of Organization Everything the organization affects
Principal Agent Theory Principal hires Agent but does know if agent is actually doing the work to get to a result.
Ethics Societal: how members of society should interact Occupational: standards or behavior for a profession or trade Organizational: Guiding practices for managers to view their responsibilities to stakeholders Individual: pers. std/values on how to co inter
Rules and Framework to solve ethical dilemma Utilitarian Moral Justice Practical
Utilitarian Greatest good for greatest amount of people
Moral Rights Protect Fundamental Rights and privileges
Justice Rule Fair and equable distribution of benefits and harms
practical Rule business model: you only make decisions that you would disclose to the public
Trust, Reputation, MIssion, Vision, Creativity what does this explain?
Focus of creativity Productivity, new products, new structures
Innovation applying new ideas
General Theories of Leadership Characteristic/trait Behavioral/psych situational/contingency functional leadership
Characteristic/trait action and task oriented
Behavioral/psych need for power and accomplishment, low need for friends or affiliation
Situational/contingency times and conditions produce leaders
Functional leadership w/e is necessary to group need is taken care of. leader can say they did their job well when they contributed to group effectiveness
Leadership A process inspring others to work hard to accomplish a goal
Integrity Line Want to be: Honest, Consistent, Humble, Selfless
Styles of leadership Autocratic, Human Relations, Lassiez-Fair, Democratic
Autocratic Command control
Human Relations People over tasks
Laissez-Fair Do the best you can without bothering me
Democratic People and tasks together
Management Process organizing planning controlling
Types of control Feed Forward, Feed back, Concurrent
Feed Forward make sure right resources and direction are set
Feedback make sure final results meet desired outcomes
Concurrent make sure right things are being done
Contingency thinking no best way to manage, have to be flexible
Entrepreneurial Gap Control vs. accountability
Created by: 581075870